I hired an “expert in Economics and Finance” to write up an explanation of the work of the recent Nobel Prize for Economics but I only paid $17.
The Recent Winners of the Nobel Prize in Economics
Nobel prizes are the most respected awards given to top achievers in intellectual discoveries or inventors in the world. The Nobel prizes were initially six in number until 1968 when the Bank of Sweden came up with an award in remembrance of Alfred Nobel. The new award was the Sveriges Riksbank Prize in Economic Science. Nobel Prize in Economics enables researchers in economic science to create and analyze the importance of their input in the world’s economy. The award varies typically in nature from medal to monetary award. The awards are representations of the greatest achievements of humankind in making the world a better place. The award for the prize in Economics together with others for physics and chemistry usually takes place in the Royal Swedish Academy of Sciences. The Nobel Foundation took over after the death of Nobel as the current administrator responsible for awarding the remarkable awards.
The recent Nobel Prize award in Economics congratulated Abhijit Banerjee, Esther Duflo, and Michael Kremer for their excellent research in reducing poverty. It was an outstanding achievement for Esther Duflo to make history as the youngest person to ever deserve such an award. The main concern of the three economists was to find ways of reducing global poverty that is retarding the economy of many countries. Banerjee and Duflo are well-decorated professors at the Massachusetts Institute of Technology, where they based their research. The two are couples, and it is an excellent combination of effort to see couples work together outside marital matters. It made them the first couple to win the Nobel Prize in Economics and generally the sixth in the list of couples that won the Nobel Prize. From their perspective of poverty at large, they realized that there are other factors attributed to poverty and started breaking them down.
They broke it down to determining ways of maximizing the improvements in the education and health services of the children. The approach gave better results in countries that are having a hard time providing better education and health facilities. Professor Kremer, who is an economist at Harvard University, researched the performance of schools in different countries. His findings realized that on the western side of Kenya, the root cause of poor performance in education is the unreliable teaching support system. Furthermore, the researched proved that most of the schools have no problem with resources but the accountability of teachers.
Another primary objective was improving health conditions. The mobile health services for children should adjust the frequencies of vaccination. Another discovery was the cost of health services that some poor communities cannot afford. It will be much better if the price is manageable even by such communities. World Health Organization is one of the bodies that approved of the research and ways to implement the changes that are going on. The study of the three proved a lot of meaning in the fight against poverty in the whole world. The French president, Emmanuel Macron, is one of the prominent individuals that applauded their approach in saving the world’s economy.
Their research was a collection of the work of the three from the 1990s; therefore, it has practical evidence. Banerjee, who is an Indian, also researched cash transfer. According to his results, he indicated that there is no way of giving cash to the poor will make them less productive. He is also one of the individuals that the public recognized for trying to find ways of improving the rates of immunization. A large population of India benefited from his work, and their experimental research methods are now applied in economic development.